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Prospex Oil and Gas ( (GB:PXEN) ) has shared an announcement.
Prospex Energy PLC announced successful initial flow tests at the Viura-1B well in northern Spain, confirming high flow rates and cost savings from the recompletion workover. Despite technical and equipment delays affecting the resumption of production, the company remains optimistic about the well’s potential and is working with the operator to address these issues urgently. The Viura field acquisition has significantly increased Prospex’s estimated reserves, and further evaluations are expected to enhance these figures, strengthening the company’s position in the European gas market.
More about Prospex Oil and Gas
Prospex Energy PLC is an AIM quoted investment company focused on high-impact onshore and shallow offshore European opportunities with short timelines to production. The company aims to acquire undervalued projects with multiple, tangible value trigger points that can be realized within 12 months of acquisition, applying low-cost re-evaluation techniques to identify and de-risk prospects. Prospex seeks to rapidly scale up gas production to generate internal revenues for further asset development and production increase.
Average Trading Volume: 914,633
Technical Sentiment Signal: Sell
Current Market Cap: £19.72M
See more data about PXEN stock on TipRanks’ Stock Analysis page.